Hwange Colliery board is in the eye of a storm amid a dubious transaction that it has entered with a local firm to exchange tonnes of coal for cars yet the company has a 6 months workers salary backlog.
The board of Hwange Colliery Company Limited (HCCL) board has today agreed to ‘sell’ 2 million tones of coal to Woolwork Investments (Pvt) Ltd at a massive $8 million discount in exchange for vehicles for its executive directors.
Woolwork Investements belongs to Moses Chingwena the executive director of Croco Motors who in 2009 bought Selous Hotel in Harare under very dubious means.
In essence the 2 million tonnes of coal is worth at least $100 million.
Both parties have not disclosed yet how many top of the range vehicles will be exchanged for the coal.
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